DISCLAIMER

IMPORTANT INFORMATION

It is important that you read this notice carefully before proceeding further. It contains
legal and regulatory statements relevant to the information contained on this website.
By accessing this website, you agree to be bound by the terms and conditions
below. When you have read the following information, please click on "I have read
and understood this disclaimer" to continue to the website..

This section of the website is for wholesale, professional or sophisticated investors
only, within the meaning of the Corporations Act 2001 (Cth). Consequently, the
content of this section of the website is intended for use only by persons having
professional experience in matters relating to investments and must not be accessed
or relied upon by any other person including, without limitation, retail clients. By
clicking “I have read and understood this disclaimer” at the end of this page, you
confirm that you are a wholesale, professional or sophisticated investor and you are
not a retail client.

None of the information published or made available via this website is intended to
be published or made available in any jurisdiction where to do so would result in the
breach of any applicable law or regulation in that jurisdiction. This section of the
website is not directed at you if we are prohibited by any law of any jurisdiction from
making the information on this section of the website available to you. You should
satisfy yourself before accessing this section of the website that we would be
allowed to advertise investments and investment services to you under the laws and
regulations of your jurisdiction. This section of the website is not for use by "US
Persons". A "US Person" is defined by US laws and regulations in force from time to
time. If you are resident in the US, or as a corporation or other entity are organised
under US law or administered by or operated for the benefit of a legal or natural US
person, you should take professional advice to determine whether you are a US
Person and you should not access this section of the website until you are sure that
you are not a "US Person".

Under no circumstances should any information contained in this website be
regarded as an offer or solicitation to deal in investments in any jurisdiction including,
but not limited to, the United States of America. Neither Nanuk Asset Management
Pty Ltd (“Nanuk”) nor any investment products mentioned on this website are
registered under United States securities laws and, subject to certain limited
exceptions, may not be offered, sold, transferred or delivered in the United States or
to US persons.

You should be aware that past performance is no guarantee of future performance.

Nothing in this website should be regarded as investment advice. If you are unsure
as to whether the investments described in this site are suitable for you, we strongly
recommend that you seek professional advice from a financial adviser. Persons
should consult their professional advisers as to whether they require any
governmental or other consents in order to invest in the products described on this
website. References in this website to specific securities should not be taken as a
recommendation to buy or sell those securities, but are included for the purposes of
illustration and/or information only.

Although reasonable care has been taken to ensure that the information set out
herein is accurate, no representation or warranty, express or implied, is made as to
its accuracy or completeness. Information on this website may be changed without
prior notice. Neither Nanuk nor any of its affiliates accepts any liability for any loss,
either direct or indirect, incidental or consequential, arising out of any information on
this site not being true and accurate.

This website may contain or link to content which is generated by third parties.
Following links to any other websites shall be entirely at your own risk.

The information on this website is confidential and is protected under copyright law.
No information or material contained on this site may be reproduced, distributed ,
transmitted, displayed or commercially exploited without the written consent of
Nanuk.